Sale of Part of Asian Banking
RBS announces successful sale of part of Asian banking operations to ANZ
4th August 2009
The Royal Bank of Scotland Group plc ('RBS') today announces that it has entered into a sale agreement with ANZ Group Limited ('ANZ') to sell its Retail & Commercial Banking operations in Taiwan, Hong Kong, Singapore, and Indonesia and the onshore Global Banking & Markets (GBM) and Global Transaction Services (GTS) operations in the Philippines, Vietnam and Taiwan (excluding securities). A premium of US$50M (€35.3M) over the book value of these businesses at closing and a total consideration of US$418M (€294M) based on a pro-forma equity Tier 1 requirement of 8% will be subject to certain post completion adjustments.
As at 31st December 2008 the RWA's associated with this sale were US$4.6bn (€3.2bn)
and total assets at the same period were US$3.6bn (€2.6bn).
This sale to ANZ follows the completion of the strategic review and the announcement on 26 February 2009 that RBS was to dispose of its Retail & Commercial businesses across Asia along with the decision to exit its wholesale banking businesses in Vietnam, the Philippines, Taiwan and Pakistan in an effort to refocus the Group's geographic reach on a smaller number of key markets.
The transaction will be effected by way of both share sales and asset and liability transfers and completion of the transaction will be subject to certain conditions, including regulatory approvals. Completion is expected within an 8-13 month period, depending on jurisdiction.
RBS remains in advanced discussions with bidders for the remaining assets it has decided to sell in Asia and will make further announcements, as appropriate, in due course. The Group retains a wholesale banking presence in 11 markets across Asia and RBS Coutts, its international wealth management business, remains headquartered in Singapore.
RBS
Investors
Richard O'Connor
Head of Investor Relations
+44 (0)207 672 1758
+44 7909 873681
Media:
Neil Moorhouse
Head of Group Media Centre
+44 131 626 4414
+44 7786 690029
Notes:
Morgan Stanley & Co. Limited ('Morgan Stanley') is acting for RBS as its exclusive financial advisor in connection with the Transaction.
Notifications:
Morgan Stanley has been appointed as financial adviser to RBS and for no-one else in connection with the Transaction and will not be responsible to anyone other than RBS for providing the protections afforded to clients of Morgan Stanley nor for providing advice in relation to the Transaction, the contents of this document or any other matters referred to herein.
This information is provided by RNS
Latest directors dealings
- 1 hour ago Close Brothers Group
- 1 hour ago Savannah Energy
- 1 hour ago Mid Wynd International Inv Trust
- 2 hours ago Dillistone Group
- 2 hours ago SSP Group